North Texas home sales jumped 13% in October

North Texas home sales surged in October — up 13 percent from the same month in 2016.
Real estate agents sold more than 9,000 preowned single-family homes last month. That’s a record for the number of houses sold in October, according to data from the Real Estate Center at Texas A&M University and the North Texas Real Estate Information Systems.

Median home sales prices were up 7 percent from a year ago.

“It sounds like there was a pop in sales last month,” said Ted Wilson with Dallas-bassed Residential Stratefies. “It’s good news to see the market as strong as it is.”

With October’s jump in home purchases, almost 90,000 preowned houses have been sold through the agents’ multiple listing service, an increase of 4 percent from the first 10 months of 2016.

Last year, North Texas agents sold more than 101,000 preowned homes — a record.

More than 21,000 houses were listed for sale with real estate agents at the end of October, 11 percent more than the year before. On average it took 46 days to sell the houses that traded in October.

“There is more inventory coming out on the market now,” Wilson said. “What comes on the market at the lower price points disappears as soon as it goes up for sale.”

Less than a three-month supply of homes are available to purchase in North Texas.

North Texas is on track to set a new record for preowned home sales in 2017. Another 9,059 homes last month were under contract but not yet sold in the more than two dozen counties included in the survey.
Home prices in the area are now at record levels — 40 percent higher than they were before the housing crash a decade ago. And prices have jumped almost 60 percent since the worst of the recession in 2009.

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